Arena Pharmaceuticals (ARNA) Narrows Loss

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) on Friday morning released financial results that missed Wall Street forecasts.

Arena Pharmaceuticals, Inc. reported that it narrowed its 1st quarter loss to $31.3 million, or 33 cents per share, from a loss of $50.6 million, or 68 cents per share, a year earlier.

Arena Pharmaceuticals' revenue fell to $2.5 million, down from $2.7 million a year earlier.

A poll of analysts conducted by Thomson Reuters, showed an average Wall Street estimate of an expected loss of 32 cents per share, on $2.9 million in revenue.

Arena Pharmaceuticals said that it finished clinical testing of its obesity drug candidate Lorcaserin last year and in December the company filed for Food and Drug Administration approval.

Shares of the stock were up nearly 1% at $3.10 in pre-market trading.